Muhurat Trading 2012: The onset of 'Samvat 2069'

NEW DELHI: The customary trading tradition on the day of Diwali is unique to India where markets open for a short duration to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity.

Muhurat Trading is a centuries old tradition. The day holds significance as it marks the beginning of the New Year, as per Hindu calendar, or Samwat 2069.

The muhurat trading session will be conducted for 75 minutes on Diwali day, November 13, on leading bourses NSE and BSE. Trading would be conducted from 3.30 pm, as per information available with the exchanges.

Buying stocks on this day is considered auspicious by the trading community.

The lull following the last Diwali was broken by a sharp rally this year. The BSE Sensex has surged over 20 per cent so far in the year 2012.

"Samvat 2068 was challenging and range bound on the back of lack in policy reforms and global economic slowdown," says Siddharth Sedani, AVP (Portfolio Management Service) at Microsec Capital Ltd

"FMCG was one sector which showed lot of traction during Samvat 2068," he added.

Most analysts expect 'Samvat 2069' to bring more cheer to markets as markets are poised to reach new highs.

"Going by the charts it will be fair to expect markets will make a new all time high in the Samvat year 2069 and that should be good news for the investors in the festive season," says Kunal Saraogi, CEO at Equityrush.com.